| This is the sector which is growing rapidly at faster | | | | These brokerages collect the information from |
| pace in the country. Insurance analysts say India has | | | | different customers through online and analyze their |
| a huge potential for this sector. This is the reason | | | | (customers') situation and suggest a best policy for |
| why India has practically witnessed many private | | | | them and then sell those insurance policies suggested |
| foreign insurance players and many joint ventures | | | | to them. They (brokerages) even sell the policies by |
| between Indian companies and foreign ones in the | | | | providing the customer information to agents and |
| recent past. | | | | there by gaining the commission from those agents. |
| This has happened since the government of India has | | | | These brokerages are different from the agents; the |
| allowed and restricted the foreign direct investments | | | | agents will be biased to a particular company where |
| (FDI) in insurance sector in our country. However the | | | | as the brokers are unbiased to any (insurance) |
| government has put a ceiling limit 60% of foreign | | | | company and they provide genuine feedback to their |
| investments in this sector in India. | | | | customers. |
| As per the Insurance Regulating Authority of India | | | | The reason for the brokerages' unbiased nature is |
| (IRDA), the one and only insurance regulating body in | | | | that they don't get any benefit out of giving biased |
| our country, our country now has a total of 22 | | | | information to their customers and they get same |
| private players and only one public player which is LIC | | | | commission (per a policy) from every insurance |
| of India. Believe it or not, the annual revenue of LIC | | | | company for selling policies. These companies in India |
| accounts to 26% of government's total annual | | | | are Bajaj Allianz, Bharti Airtel, IDBI Fortis, Religare |
| revenue. Such huge success was Life Insurance | | | | insurance, Aviva, ICICI Prudential et al. The main job |
| Corporation of India. | | | | other than routine jobs (jobs common to all the |
| There are about 8million agents for LIC. Apart from | | | | companies) in these companies would be insurance |
| the insurance companies, emerging now are | | | | agent. Not much qualification is required to be an |
| brokerage firms which aid those firms in increasing | | | | agent. |
| their business by increasing their customer strength. | | | | |